Norway: Lundin Petroleum Starts Drilling of Appraisal Well 16/2-7 at Avaldsnes

Lundin Petroleum AB (Lundin Petroleum) announces that drilling of the appraisal well 16/2-7 on the Avaldsnes discovery located in the North Sea sector of the Norwegian Continental Shelf (NCS), has commenced.

The planned depth is approximately 2,275 meters below mean sea level and the well will be drilled using the semi-submersible drilling rig Bredford Dolphin. The drilling operation is expected to take approximately 55 days.

The objective of the well is to appraise the Avaldsnes discovery following the 16/2-6 discovery well in 2010 and the recent successful appraisal well 16/3-4 with side-track 16/3-4A.

Lundin Petroleum is the operator of PL501 with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent and Mærsk Oil Norway with 20 percent interest.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (ticker “LUP”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

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Source: Lundin Petroleum, July 20, 2011;